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Europe’s private equity industry faces another uncertain year as the challenging macroeconomic environment coupled with poor exit and fundraising markets continue to weigh on executives’ optimism.

Various senior industry figures gave a mixed verdict on how well the asset class would fare in the coming 12 months, though all agreed they would continue to face a difficult market.

Asked whether he expected 2013 to be a better year for private equity than 2012, George Anson, managing director at HarbourVest Partners, said: “My heart says ‘yes’, but my head says ‘no’. Reality gets the nod over hope. The macroeconomic background is still a significant headwind.”

Answering the same question, Conni Jonsson, managing partner at EQT Partners, said: “In Europe, I expect the market to be roughly the same as in 2012 – perhaps a little slower.” Jon Moulton, chairman of Better Capital, added credit conditions were unlikely to improve and that interest rates might start to rise.

The cautious responses come amid a troubled fundraising market in which a large number of firms are seeking to raise new vehicles but many are under pressure to set their sights on lower targets in order to secure capital from investors.

Meanwhile, sponsors are also being forced to adjust their pricing expectations on assets they need to sell in order to exit investments, many of which have been held for longer than the traditonal five-to-seven year period.

However, some of the industry’s top names were hopeful about the deal opportunities that could be on offer. Martin Halusa, chief executive of Apax Partners, said: “While certain sectors and markets will continue to be challenging, there will be others that display the growth characteristics that we are seeking.”